Group Buying Site Meituan Has 50% Market Share, CEO Says

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meituanWang Xing, founder and CEO of group-buying service Meituan, said today the service has had a 50% market share in China at SYNC 2013 Beijing. The total transactions on Meituan will triple year-over-year, reaching 15 billion yuan (about $2.4 billion), by year end.

Earlier this year, Meituan launched two separate mobile apps, CatEye Movies for movie tickets and Meituan Hotels for hotel booking. A three apps, including Meituan Group-buy, have combined 60 million downloads. The tickets sold through CatEye Movie now account for 9% of the total domestic box office grosses, with a monthly growth rate of 30%.

As group-buying finally cooled down in China, the few that survived, besides Meituan, include Renren’s Nuomi which managed to have Baidu buy 59% of it.